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    EDEN   GB0001646941


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Eden Research plc Signs an Agreement with Sipcam Oxon Which Allows Sipcam to Market, Distribute and Sell, on an Exclusive Basis, Eden's Fungicide Product

07/27/2021 | 02:00am EDT

Eden Research plc announced that it has signed an agreement with Sipcam Oxon which allows Sipcam to market, distribute and sell, on an exclusive basis, Eden's fungicide product, Mevalone®, in four North African countries, where it will be marketed as "Araw®". The Agreement enables Sipcam to distribute Araw for use initially against Botrytis on wine and table grapes, strawberries, tomatoes and cucurbits (which include cucumber, courgette, squash, melon) in Egypt, Morocco, Algeria and Tunisia. North Africa is well recognised for its agricultural output, which is increasing in quantity and quality. All four countries are members of a biocontrol commission established by the International Organisation for Biological Control which promotes sustainable and environmentally friendly means of managing pests and disease and collaborates with the Food and Agriculture Organisation of the United Nations, the World Health Organisation, the Commission of the European Union and the European Plant Protection Organisation. The fungicidal active ingredients in Araw® are exempt from residue limits and have very low pre-harvest intervals, giving growers the ability to apply the product just prior to harvest, providing maximum benefits and flexibility. This is beneficial for main export markets such as the EU where there are clearly defined maximum residue limits and pesticide residue notifications can lead to rejections at the border. Grapes and tomatoes make up two of the major crop types in Egypt. Increasing exports drive market growth and most of Egypt's fruit and vegetables are exported to the EU. In January 2020, Egypt's Parliament approved a new law that regulates organic agriculture and aims to reduce the use of conventional, synthetic pesticides. In Tunisia, agricultural produce accounts for over 6% of total exports value and, in particular, exports of organic products are growing. Tunisian organic agriculture also has recognised equivalence with the EU. Approximately 260,000 hectares of fruit and vegetables are grown in Morocco and in 2020 tomato exports to the EU totaled $529.8 million. However, in 2018 up to 7.9% of total Moroccan fruit and vegetable samples analysed by the EU-coordinated control programme (EUCP) exceeded MRLs. Across the whole European market, table grapes were one of the products that most regularly exceeded MRLs. Commercial activities will begin in the four countries following the receipt of regulatory clearance for the marketing and use of Araw.

ę S&P Capital IQ 2021
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Sales 2020 1,37 M 1,88 M 1,88 M
Net income 2020 -2,27 M -3,12 M -3,12 M
Net cash 2020 6,87 M 9,44 M 9,44 M
P/E ratio 2020 -17,4x
Yield 2020 -
Capitalization 30,9 M 42,4 M 42,5 M
EV / Sales 2019 9,98x
EV / Sales 2020 26,9x
Nbr of Employees 11
Free-Float 72,3%
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Sean Michael Smith Chief Executive Officer & Executive Director
Alexander John Abrey CFO, Secretary & Executive Director
Lykele J. van der Broek Non-Executive Chairman
Robin James Scott Cridland Non-Executive Director
Robert Cannings Commercial Director
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